The Libya Africa Investment Portfolio (LAP) has reportedly defaulted on the UK High Court Order in relation to the ongoing Catalyst Managerial Services (CMS) case against LAP involving damages of over US$500 million.
On Wednesday 9th September, 2015, the High Court of England & Wales rejected LAP’s further application for a stay and ordered LAP to pay CMS $15 million or deposit it with the Court if it wants to proceed with an appeal.
It further ordered no stay of action pending appeal.
(Source: CMS)
(Court image via Shutterstock)
